BETA

17 Amendments of Sari ESSAYAH related to 2009/0144(COD)

Proposal for a regulation
Recital 14

(14) There is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure, also through a single rulebook, a level playing field and an adequate protection investors and consumers across Europe. As a body with highly specialised expertise, it is efficient and appropriate to entrust the Authority, in areas defined by ~~Community~~Union law, with the elaboration of draft technical standards, which do not involve policy choices. These standards should thus not be in conflict with the legislation of any Member State since such legislation suggests existence of a policy choice. The Commission should endorse those draft technical standards in accordance with ~~Community~~Union law in order to give them binding legal effect. The draft technical standards have to be adopted or rejected by the Commission according to clear and transparent principles. They would be ~~sub~~reject ~~to amendment~~ed if, for example, the draft technical standards were incompatible with ~~Community~~Union Law, would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of ~~Community~~Union financial services legislation. To ensure a smooth and expedited adoption process for those standards, the Commission should be subject to a time limit for its decision on the endorsement.

2010/03/24
Committee: ECON

Proposal for a regulation
Recital 21

(21) Serious threats to the orderly functioning and integrity of financial markets or the stability of the financial system in the Community require a swift and concerted response at Community level. The Authority should therefore be able to require national supervisory authorities to take specific actions to remedy an emergency situation. As the determination of an emergency situation involves a significant degree of discretion, this power should be conferred on the Commission. To ensure an effective response to the emergency situation, in the event of inaction by the competent national supervisory authorities, the Authority should be empowered to adopt, as a last resort, decisions directly addressed to financial market participants in areas of Community law directly applicable to them aimed at mitigating the effects of the crisis and restoring confidence in the markets.deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Recital 24

(24) The delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks, foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions. The Regulation should therefore provide a clear legal basis for such delegation. A Member State may restrict the powers of the national supervisory authority to delegate its tasks. Delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority, while the responsibility for supervisory decisions remains with the delegating authority. By delegation of responsibilities one national supervisory authority, the delegatee, shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority. Delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter. A reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope, of coherence in group supervision, and of optimal use of technical expertise among national supervisory authorities. Relevant ~~Community~~Union legislation may further specify the principles for reallocation of responsibilities upon agreement. The Authority should facilitate delegation agreements between national supervisory authorities by all appropriate means. It should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate. It should centralise the publication of such agreements to ensure timely, transparent and easily accessible information about agreements for all parties concerned.

2010/03/24
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – point e

~~(e) take individual decisions addressed to financial market participants, in the specific cases referred to in Article 9(6), Article 10(3), and Article 11(4);~~deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 2 a (new)

2a. When exercising its powers referred to in paragraph 2, first subparagraph , points (a) and (d) the Authority shall have regard to the national laws of Member States that are in compliance with the Union law.

2010/03/24
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 1

3. The Authority shall execute any exclusive supervisory powers over entities with Community-wide reach or economic activities with Community-wide reach entrusted to it in the legislation referred to in Article 1(2).deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 6 – paragraph 3 – subparagraph 2

~~For that purpose, the Authority shall have appropriate powers of investigation and enforcement as specified in the relevant legislation, as well as the possibility of charging fees.~~deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 9 – paragraph 6 – subparagraph 1

6. Without prejudice to the powers of the Commission under Article 226 of the Treaty, where a competent authority does not comply with the decision referred to in paragraph 4 of this Article within the period of time specified therein, and where it is necessary to remedy in a timely manner the non compliance by the competent authority in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under Community law including the cessation of any practice.deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 10

Action in emergency situations 1. In the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Community, the Commission, upon its own initiative or following a request by the Authority, the Council, or the ESRB, may adopt a decision addressed to the Authority, determining the existence of an emergency situation for the purposes of this regulation. 2. Where the Commission has adopted a decision pursuant to paragraph 1, the Authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with the legislation referred to in Article 1(2) to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation. 3. Without prejudice to the powers of the Commission under Article 226 of the Treaty, where a competent authority does not comply with the decision of the Authority referred to in paragraph 2 within the period laid down therein, the Authority may, where the relevant requirements laid down in the legislation referred to in Article 1(2) are directly applicable to financial market participants, adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under that legislation, including the cessation of any practice. 4. Decisions adopted under paragraph 3 shall prevail over any previous decision adopted by the competent authorities on the same matter. Any action by the competent authorities in relation to facts which are subject to a decision pursuant to paragraph 2 or 3 shall be compatible with those decisions.rticle 10 deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 13 – paragraph 1

1. ~~Competent authorities may, by bilateral agreement, delegate tasks and responsibilities to o~~Member States shall allow competent authorities to delegate tasks and responsibilities to other competent authorities, by bilateral agreement, subject to the conditions set out in this Article. Member States may set out specific arrangements that have to be complied with before their competent authorities ~~supervisory~~enter into such agreements and limit the scope of delegation to what is necessary for effective supervision of cross-border financial institutions and groups.

2010/03/24
Committee: ECON

Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 1

1. At the request of the Authority, competent authorities ~~and other public authorities~~ of the Member States shall provide the Authority with all the necessary information to carry out the duties assigned to it by this Regulation.

2010/03/24
Committee: ECON

Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1

2. Where information is not available or is not made available in a timely fashion by the competent authorities and other public authorities of the Member States, the Authority may address a reasoned request directly to relevant financial market participants and other parties. It shall inform the relevant competent authorities of such requests.deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 2

~~At the request of the Authority, the competent authorities and other public authorities of the Member States shall assist the Authority in collecting such information.~~deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 24 – paragraph 5

5. The decisions which the Authority takes pursuant to Articles 9, 10 and 11 shall be made public and shall state the identity of the competent authority or financial market participant concerned and the main content of the decision, unless the publication would be in conflict with having regard to the legitimate interest of financial market participants in the protection of their business secrets. or may seriously jeopardise the stability of the whole or part of the financial system in the community.

2010/03/24
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 1

1. The Board of Supervisors shall act on the basis of qualified majority of its members, as defined in Article 205 of the Treaty, for acts specified in Articles 7, 8 and all measures and decisions adopted under Chapter VI.deleted

2010/03/24
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 1 – subparagraph 2

1. All other decisions of the Board of Supervisors shall be taken by simple majority of its members, according to the principle where each member has one vote.

2010/03/24
Committee: ECON

Proposal for a regulation
Article 48 – paragraph 1 – subparagraph 1 – point a

~~(a) obligatory contributions from the competent national supervisory authority or authorities;~~deleted

2010/03/24
Committee: ECON